Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0003%/8h= −0.3% APRpaid last 24h −0.030%

Price spread now: Bybit against Phoenix−0.074%7-day average −0.123% · you buy dearer than you sell

Net, funding: paid 7d − costs−$57as in the Funding arb table

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$240.242% of the position

Long on Phoenix Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.329%−$33 on $10k

Price spread, last 7 days−0.054%−$5 · spread now −0.074%, 7d avg −0.123%

Together, before fees−0.383%−$38 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.048% dearer against Phoenix than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of −0.123%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix HYPE	93.039	0.0034	pay 0.0004% / 1h	51m 25s	$215K	$1.2M	10x
Short	Bybit HYPEUSDT	92.970	0.0032	get 0.0032% / 8h	1h 51m	$323.3M	$286.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Phoenix. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee PhoenixbpFee BybitbpOrdersPrice spread, now −0.074%Rate

Funding earned: −$0.54
Price spread: −0.074% → −0.123%: $4.84
Slippage, 4 orders: −$6.19
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$19.89
Costs to cover: 0.242%
Break-even: never at this rate

Slippage from Phoenix: live order book, 2 min ago; Bybit: live order book, 3 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Phoenix live order book, 2 min ago	1.13 bp	5.7 bp −$6	11.0 bp −$110	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	0.54 bp	6.0 bp −$6	8.0 bp −$80	19.5 bp −$1,948	44.6 bp −$22.3K

HYPE on 55 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aftermath Perps HYPEUSD	−0.0297%	1h	93.091	+0.056%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0131%	1h	92.865	−0.187%	$1.2M	$4.0M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.931	−0.116%	$3K	$331	25x	as long as short
Hibachi HYPE/USDT-P	−0.0048%	1h	92.970	−0.075%	$196K	$231K	7x	as long as short
Derive HYPE-PERP	−0.0012%	1h	92.913	−0.135%	$16.3M	$7.1M	10x	as long as short
01 Exchange HYPEUSD	−0.0008%	1h	92.910	−0.139%	$90K	$365K	20x	as long as short
Aster HYPEUSDT	0.0000%	4h	92.979	−0.064%	$8.9M	$35.9M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.009	−0.033%	$127K	$32K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	92.970	−0.074%	$1.9M	$5.3M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.002	−0.040%	$23K	$331K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	92.997	−0.045%	$20K	—	150x	as long as short
Popdex HYPEUSDT	+0.0008%	1h	92.894	−0.156%	$56K	$1.2M	50x	as long as short
Bybit HYPEUSDTshort	+0.0032%	8h	92.970	−0.074%	$323.3M	$286.7M	75x
Phoenix HYPElong	+0.0034%	1h	93.039	long leg	$215K	$1.2M	10x
Ondo Perps HYPE-USD.P	+0.0038%	1h	92.840	−0.214%	$697K	$921K	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0042%	4h	92.992	−0.051%	$165K	$515K	20x	as long as short
Gate HYPE_USDT	+0.0050%	4h	92.913	−0.135%	$43.9M	$56.8M	75x	as long as short
Bullet HYPE-USD	+0.0075%	1h	92.952	−0.093%	$112K	$579K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.954	−0.091%	$18.4M	$58.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.937	−0.110%	$3.0M	$12.0M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	92.911	−0.138%	$337K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	92.880	−0.171%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.909	−0.139%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.945	−0.101%	$2.02B	$669.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.916	−0.132%	$9.9M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.960	−0.085%	$382.5M	$891.8M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.895	−0.155%	$113.9M	$313.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.884	−0.167%	$203K	$10K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.961	−0.084%	$90.5M	$81.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.960	−0.085%	$47.0M	$19.0M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.971	−0.073%	$225.3M	$102.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.958	−0.087%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.017	−0.024%	$7.8M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.107	+0.073%	$29.0M	$50.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.245	+0.221%	$7.5M	$44.9M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.016	−0.025%	$411K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.000	−0.042%	$673K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.946	−0.100%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.947	−0.099%	$491K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.991	−0.052%	$75K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.001	−0.041%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.986	−0.057%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	92.991	−0.052%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.871	−0.181%	$18.3M	$42.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.990	−0.053%	$396K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0119%	4h	93.037	−0.002%	$5.1M	$29.5M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.050	+0.012%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	92.990	−0.053%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	92.953	−0.093%	$77K	$158K	15x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	92.959	−0.087%	$2.7M	$6.8M	20x	as long as short
HTX HYPE-USDT	+0.0295%	4h	93.172	+0.143%	$1.5M	$7.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0158%	1h	92.990	−0.052%	$1.5M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.007	−0.034%	$17.0M	$12.4M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0406%	1h	93.097	+0.062%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0467%	1h	93.104	+0.070%	$20.8M	$28.4M	50x	as long as short